<p>如果你在寻找安全的高股息收益股票，中游能源行业是一个很好的起点。自上一次重大能源崩溃以来，能源行业已经发生了转变。生产商不再追求生产增长，而是更加关注现金流。</p>
<p>与此同时，管道公司改善了其资产负债表，并学会在现金流内实现增长。能源价格及其对交易量的影响始终存在风险，但由于管道公司及其客户的财务状况良好，现在是投资该行业的好时机。</p>
<p>让我们来看三只值得现在投资的高收益管道股票。我目前持有这三只股票，并且已经持有很长时间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NzcvZ2V0dHlpbWFnZXMtMTMzNDE4NjQwMy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NzcvZ2V0dHlpbWFnZXMtMTMzNDE4NjQwMy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. Energy Transfer</h2>
<p><strong>Energy Transfer</strong>(ET -1.05%) 的前瞻收益率为 7.3%，并计划在未来每年增加 3% 到 5% 的分红，这是一只每个以收入为导向的投资者都应该关注的股票。在疫情高峰期经济短暂关闭时，该公司被迫将分红削减一半，但它努力降低杠杆，改善资产负债表，并将分红恢复到现在高于削减前的水平。</p>
<p>上个季度，Energy Transfer 宣称其资产负债表处于历史上最强的状态。它还指出，其按需支付合同的比例达到了历史最高，这意味着无论客户是否使用其服务，它都能从这些协议中获得收入。总体而言，它预计今年 90% 的息税折旧摊销前利润（EBITDA）将来自基于费用的服务，这些服务不受波动的商品成本或价差的影响。这类合同增加了其现金流的安全性，从而提高了分红的稳定性。</p>
<p>与此同时，该公司看到未来有许多吸引人的增长机会，主要源于天然气需求的增加。它计划将今年的增长资本支出（capex）从 30 亿美元提高到 50 亿美元，预计项目的回报率在中等十几的水平。Energy Transfer 已经签署了一项协议，为德克萨斯州计划中的数据中心提供天然气，并继续探索与人工智能（AI）相关的机会。</p>
<p>以仅 8.1 倍的前瞻企业价值（EV）与 EBITDA 倍数交易，该股票在相对和历史基础上都显得便宜。</p>
<h2>2. Enterprise Products Partners</h2>
<p>如果有一只中游股票可以让你安心持有，那就是 <strong>Enterprise Product Partners</strong>(EPD -1.12%)。该公司在过去 26 年中经历了各种能源和股市动荡，每年都增加分红。目前，该股票的前瞻收益率为 6.8%，在上个季度几乎同比增长了 4%。</p>
<p>该公司采取保守的策略，并在中游行业中拥有最好的资产负债表之一。与 Energy Transfer 类似，它也有一个主要基于费用的业务，并在合同中尽可能包含按需支付条款。它的可分配现金流（经营现金流减去维护资本支出）的覆盖率也很强，上个季度为 1.7 倍。</p>
<p>与 Energy Transfer 一样，它今年增加了增长资本支出，以利用吸引人的机会。在 2022 年将增长项目支出减少到仅 16 亿美元后，它计划今年支出 40 亿到 45 亿美元，高于去年的 39 亿美元。它目前有 60 亿美元的增长项目将在今年上线，为未来几年的稳健增长铺平道路。</p>
<p>以不到 10 倍的前瞻 EV/EBITDA 比率交易，该股票的估值具有吸引力。</p>
<h2>3. Western Midstream Partners</h2>
<p><strong>Western Midstream Partners</strong>(WES 0.16%) 是以收入为导向投资者的梦想。该股票的收益率高达 9.4%，并计划每年以中低个位数的速度增长分红。去年结束时，其杠杆率低于 3 倍，这对于一家中游公司来说非常低，因此其财务状况良好。</p>
<p>该公司的合同通常具有服务成本保护和/或最低交易量承诺（MVCs）。MVCs 要求客户通过其管道运输最低量的产品——如天然气、天然气液体（NGLs）或原油——或支付相应费用。与按需支付合同类似，它们有助于确保未来的现金流，并降低交易量下降的风险。</p>
<p>它并没有像 Energy Transfer 或 Enterprise 那样追求过多的增长，但它正在寻找安全、高回报的有机增长项目，这些项目得到了 MVCs 的支持。它表示与客户保持密切联系，可以根据客户的需求迅速调整资本支出。如果找不到吸引人的增长项目，它表示可以考虑收购或股票回购。</p>
<p>该股票的价值良好，以 2025 年分析师预估的 9 倍前瞻 EV/EBITDA 比率交易。</p>

<p>本文讨论了三只值得考虑投资的高收益管道股票：1) Energy Transfer (ET)，前瞻收益率为 7.3%，计划每年分红增长 3-5%，强调其强大的资产负债表和基于费用的收益；2) Enterprise Products Partners (EPD)，收益率为 6.8%，拥有 26 年的分红增长历史，采取保守的策略并有显著的增长项目；3) Western Midstream Partners (WES)，提供 9.4% 的收益率，专注于通过确保现金流稳定的合同实现安全增长。总体而言，中游能源行业提供了有吸引力的投资机会</p>

<p>If you're looking for stocks with high dividend yields that are safe, the midstream energy sector is a great place to start your search. The energy industry has transformed itself since the last big energy bust. Producers are no longer chasing production growth and instead are more focused on their cash flows.</p>
<div class="lb-trans"><p>如果你在寻找安全的高股息收益股票，中游能源行业是一个很好的起点。自上一次重大能源崩溃以来，能源行业已经发生了转变。生产商不再追求生产增长，而是更加关注现金流。</p>
</div><p>Pipeline companies, meanwhile, have improved their balance sheets and learned to grow within their cash flow. Energy prices and their impact on volumes are always a risk, but with both pipeline companies and their customers in solid financial shape, now is a great time to invest in the sector.</p>
<div class="lb-trans"><p>与此同时，管道公司改善了其资产负债表，并学会在现金流内实现增长。能源价格及其对交易量的影响始终存在风险，但由于管道公司及其客户的财务状况良好，现在是投资该行业的好时机。</p>
</div><p>Let's look at three high-yield pipeline stocks to invest in right now. I currently own all three and have for a long time.</p>
<div class="lb-trans"><p>让我们来看三只值得现在投资的高收益管道股票。我目前持有这三只股票，并且已经持有很长时间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NzcvZ2V0dHlpbWFnZXMtMTMzNDE4NjQwMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819677%2Fgettyimages-1334186403.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Energy Transfer</h2>
<div class="lb-trans"><h2>1. Energy Transfer</h2>
</div><p>With a 7.3% forward yield and plans to increase its distribution by between 3% to 5% a year moving forward, <strong>Energy Transfer</strong>(ET -1.05%) is a stock that should be on every income-oriented investor's radar. After being forced to cut its distribution in half during the height of the pandemic when the economy effectively shut down for a short time, the company has worked hard to lower its leverage, improve its balance sheet, and restore its distribution to a level that is now above where it was before the cut.</p>
<div class="lb-trans"><p><strong>Energy Transfer</strong>(ET -1.05%) 的前瞻收益率为 7.3%，并计划在未来每年增加 3% 到 5% 的分红，这是一只每个以收入为导向的投资者都应该关注的股票。在疫情高峰期经济短暂关闭时，该公司被迫将分红削减一半，但它努力降低杠杆，改善资产负债表，并将分红恢复到现在高于削减前的水平。</p>
</div><p>Last quarter, Energy Transfer proclaimed that its balance sheet was in the strongest position in its history. It also noted that it had its highest-ever percentage of take-or-pay contracts, which means that it gets paid on these agreements regardless of whether or not customers use its services. Overall, it expects 90% of its earnings before interest, taxes, depreciation, and amortization (EBITDA) this year to come from fee-based services, where it has no exposure to fluctuating commodity costs or spreads. These types of contracts add to the safety of its cash flows and, thus, distributions.</p>
<div class="lb-trans"><p>上个季度，Energy Transfer 宣称其资产负债表处于历史上最强的状态。它还指出，其按需支付合同的比例达到了历史最高，这意味着无论客户是否使用其服务，它都能从这些协议中获得收入。总体而言，它预计今年 90% 的息税折旧摊销前利润（EBITDA）将来自基于费用的服务，这些服务不受波动的商品成本或价差的影响。这类合同增加了其现金流的安全性，从而提高了分红的稳定性。</p>
</div><p>Meanwhile, the company sees a lot of attractive growth opportunities ahead stemming from increased natural gas demand. It is ramping up its growth capital expenditure (capex) this year to $5 billion from $3 billion, with an expectation of mid-teens returns on its projects. Energy Transfer has already signed a deal to supply natural gas to a planned data center in Texas and continues to explore artificial intelligence (AI) related opportunities.</p>
<div class="lb-trans"><p>与此同时，该公司看到未来有许多吸引人的增长机会，主要源于天然气需求的增加。它计划将今年的增长资本支出（capex）从 30 亿美元提高到 50 亿美元，预计项目的回报率在中等十几的水平。Energy Transfer 已经签署了一项协议，为德克萨斯州计划中的数据中心提供天然气，并继续探索与人工智能（AI）相关的机会。</p>
</div><p>Trading at a forward enterprise value (EV)-to-EBITDA multiple of just 8.1 times, the stock is also cheap both on a relative basis and on a historical basis.</p>
<div class="lb-trans"><p>以仅 8.1 倍的前瞻企业价值（EV）与 EBITDA 倍数交易，该股票在相对和历史基础上都显得便宜。</p>
</div><h2>2. Enterprise Products Partners</h2>
<div class="lb-trans"><h2>2. Enterprise Products Partners</h2>
</div><p>If there is one midstream stock you can sleep well owning, it's <strong>Enterprise Product Partners</strong>(EPD -1.12%). The company has increased its distribution every year for the past 26 years through various energy and stock market turmoil. At present, the stock sports a 6.8% forward yield after increasing its distribution by nearly 4% year over year last quarter.</p>
<div class="lb-trans"><p>如果有一只中游股票可以让你安心持有，那就是 <strong>Enterprise Product Partners</strong>(EPD -1.12%)。该公司在过去 26 年中经历了各种能源和股市动荡，每年都增加分红。目前，该股票的前瞻收益率为 6.8%，在上个季度几乎同比增长了 4%。</p>
</div><p>The company takes a conservative approach and has one of the best balance sheets in the midstream sector. Like Energy Transfer, it also has a largely fee-based business and includes take-or-pay provisions in its contracts when it can. It also carries a robust coverage ratio based on its distributable cash flow (operating cash flow minus maintenance capex), which stood at 1.7 times last quarter.</p>
<div class="lb-trans"><p>该公司采取保守的策略，并在中游行业中拥有最好的资产负债表之一。与 Energy Transfer 类似，它也有一个主要基于费用的业务，并在合同中尽可能包含按需支付条款。它的可分配现金流（经营现金流减去维护资本支出）的覆盖率也很强，上个季度为 1.7 倍。</p>
</div><p>Like Energy Transfer, it has increased its growth capex spending this year to take advantage of attractive opportunities. After reducing its growth project spending to only $1.6 billion in 2022, it plans to spend between $4 billion and $4.5 billion this year, up from $3.9 billion a year ago. It currently has $6 billion in growth projects set to come online this year, paving the way for solid growth over the next couple of years.</p>
<div class="lb-trans"><p>与 Energy Transfer 一样，它今年增加了增长资本支出，以利用吸引人的机会。在 2022 年将增长项目支出减少到仅 16 亿美元后，它计划今年支出 40 亿到 45 亿美元，高于去年的 39 亿美元。它目前有 60 亿美元的增长项目将在今年上线，为未来几年的稳健增长铺平道路。</p>
</div><p>Trading at a forward EV/EBITDA ratio of under 10 times, the stock is attractively valued.</p>
<div class="lb-trans"><p>以不到 10 倍的前瞻 EV/EBITDA 比率交易，该股票的估值具有吸引力。</p>
</div><h2>3. Western Midstream Partners</h2>
<div class="lb-trans"><h2>3. Western Midstream Partners</h2>
</div><p><strong>Western Midstream Partners</strong>(WES 0.16%) is an income-oriented investor's dream. The stock has a robust 9.4% yield and plans to grow its distribution by mid-to-low single digits annually. It ended last year with leverage of under 3 times, which is very low for a midstream company, so it's in strong financial shape.</p>
<div class="lb-trans"><p><strong>Western Midstream Partners</strong>(WES 0.16%) 是以收入为导向投资者的梦想。该股票的收益率高达 9.4%，并计划每年以中低个位数的速度增长分红。去年结束时，其杠杆率低于 3 倍，这对于一家中游公司来说非常低，因此其财务状况良好。</p>
</div><p>The company's contracts generally have cost-of-service protections and/or minimum volume commitments (MVCs). MVCs require a customer to ship a minimum volume of product -- such as natural gas, natural gas liquids (NGLs), or crude -- through its pipelines or pay as if they did. Like take-or-pay contracts, they help ensure future cash flows and mitigate risk against volume declines.</p>
<div class="lb-trans"><p>该公司的合同通常具有服务成本保护和/或最低交易量承诺（MVCs）。MVCs 要求客户通过其管道运输最低量的产品——如天然气、天然气液体（NGLs）或原油——或支付相应费用。与按需支付合同类似，它们有助于确保未来的现金流，并降低交易量下降的风险。</p>
</div><p>It's not pursuing as much growth as either Energy Transfer or Enterprise, but it is looking for safe, high-return organic growth projects that are supported by MVCs. It said it is in close contact with its customers and can quickly reduce or increase its capex based on their needs. In the event it can't find attractive growth projects, it said it could consider acquisitions or stock buybacks.</p>
<div class="lb-trans"><p>它并没有像 Energy Transfer 或 Enterprise 那样追求过多的增长，但它正在寻找安全、高回报的有机增长项目，这些项目得到了 MVCs 的支持。它表示与客户保持密切联系，可以根据客户的需求迅速调整资本支出。如果找不到吸引人的增长项目，它表示可以考虑收购或股票回购。</p>
</div><p>The stock is a good value, trading at a forward EV/EBITDA ratio of 9 times 2025 analyst estimates.</p>
<div class="lb-trans"><p>该股票的价值良好，以 2025 年分析师预估的 9 倍前瞻 EV/EBITDA 比率交易。</p>
</div>

以下是我目前推荐购买的三只高收益管道股票